As the big day arrives, many
arrangements and expenses will need to be catered for and it usually a time
when parents and grandparents, along with others think about making financial
gifts to the happy couple.
Many of our clients and Blog readers
will know that thy can gift away £3,000 in a tax year and for this gift to fall
outside the donors estate from day one. If they did not use this allowance in
the previous tax year, they can go back on year (£6,000 total).
For gifts on marriage, there are additional
inheritance tax (IHT) allowances, as follows:
·
From a parent to a child on
marriage: £5,000
·
From a grandparent (or great
grandparent) to a grandchild on marriage: £2,500
·
Gifts from others as a single
amount: £1,000
Further details are available on the
HMRC website here: http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm#1
(Chapters Financial is not responsible
for the content of external webpages)
You may want to take these gifts into
account if a family member is getting married this summer.
You may also want to update your will
to reflect this addition to your family and for future offspring. We do
recommend that you keep your wills up to date and can recommend a local
solicitor if you do not have your own contact/ arrangements.
I hope the day goes well!
If you would like to know more about
this planning or your inheritance tax allowances then please contact the team
at Chapters Financial Limited on 01483 578800.
No individual advice has been provided
in the text of this blog. You should seek independent financial advice (IFA) in
your own circumstances.
Keith
G Churchouse, FPFS
Director
ISO 22222 Certified Financial Planner
Chapters Financial Limited
Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899. The Financial Conduct Authority does not regulate legal advice.
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